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The Equal Credit Opportunity Act

The Equal Credit Opportunity Act (ECOA) was written to ensure that individuals have equal opportunities to obtain credit. The law protects consumers when they seek to obtain credit from banks, credit card companies, department stores, finance companies, and other creditors. It also includes real estate brokers who negotiate financing, and businesses that apply for credit.

The law does not guarantee anyone credit. Many factors are involved in determining an individual's creditworthiness, including income, debt, and credit history.

If your credit history is preventing you from obtaining credit, professional credit repair services may be able to help you.

Submit a FREE, NO OBLIGATION credit repair evaluation form!

The Equal Credit Opportunity Act

Sec. 1691. - Scope of prohibition

(a) Activities constituting discrimination

It shall be unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction -

(1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract);

(2) because all or part of the applicant's income derives from any public assistance program; or

(3) because the applicant has in good faith exercised any right under this chapter.

(b) Activities not constituting discrimination

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